Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S. 10---Suit by borrower against financial institution---Leave to appear and defend the suit--- Substantial question of fact and law---Scope---Plaintiff availed finance facility from House Building Finance Corporation and matter was finally settled in Supreme Court in terms of calculating liability---Official Assignee was appointed to calculate liability---Plaintiff filed the suit disputing markup/interest and also claimed recovery of excess amount paid to House Building Finance Corporation and also claimed liquidated damages and general damages which could not be adjudicated through a snap decision---Validity---Was necessary to see whether Official Assignee rightly calculated outstanding liability in terms of settlement reached before Supreme Court and to be adjudicated whether plaintiff was liable to pay markup/profit up to the date of taking over the possession by the Corporation or it was continuing right to claim markup/profit on last calculation made by Official Assignee up to 1-12-2006---Even defendant in leave to defend showed calculation up to 30-4-2009, payable by plaintiff which was on and on---In order to resolve such controversy including the claim of damages and excess amount an opportunity needed to be provided to parties for leading evidence so that bone of contention might be decided---Defendant in its leave to defend application had raised substantial question of law and fact hence, deserved unconditional leave to defend---High Court directed Official Assignee to submit latest report in court with up to date calculation of dues if any---Application was allowed accordingly. Muhammad Iqbal Chaudhry Advocate v. Federation of Pakistan and others PLD 1992 FSC 501; PLD 2000 SC 716; State Bank of Pakistan through Governor and another v. Imtiaz Ali Khan and others 2012 SCMR 280; Khairpur Textile Mills Ltd. and 7 others v. National Bank of Pakistan and another 2003 CLD 326; Messrs Nishat Impex (Pvt.) Ltd. v. Messrs Habib Bank Ltd. 2009 CLD 1215; HBFC v. Muhammad Sharif PLD 2000 SC 760; Messrs Shaz Packages and 3 others v. Messrs Bank Al-Falah Ltd. 2011 CLD 790 and Soneri Bank…

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